The Irish News published an article stating that one of the groups hardest hit by inflation and rising prices will be pensioners and soon-to-be pensioners. Pensioners are getting poorer. Moreover, more of their income is being eaten up by the cost of food, heating, and essentials, as the fallout from the war in Ukraine and other global factors take their toll. The Ukraine situation has sent the price of gas sky high, but we have been sheltered from the worst excesses by the cap on energy prices. Between them, Russia and Ukraine are called ‘the breadbasket of the world’ due to their massive wheat production. IFPRI estimates, in its blog post, How will Russia’s invasion of Ukraine affect global food security, that their exports represent 12 percent of all the food calories traded in the world.
The financial challenges currently facing pensioners (The Irish News)
April 25, 2022